New Jersey IRS Lawyer
Former IRS Lawyers Helping Taxpayers in New Jersey to Disclose Foreign Accounts and Assets
The experienced New Jersey IRS lawyers at Thorn Law Group provide detailed and solution-oriented legal services for taxpayers both domestically and abroad. Our goal is to reduce your tax liabilities and penalties, and we are fully prepared to fight for your rights. We have helped hundreds of taxpayers, save millions of dollars in tax fines as well as avoid more serious penalties, such as civil and criminal charges. We are ready and waiting to do the same for you. Turn to Thorn Law Group for assistance with complex tax cases, including matters pertaining to Foreign Bank Account Reporting (FBAR), the Foreign Account Tax Compliance Act (FATCA), the Offshore Voluntary Disclosure Program (OVDP), IRS and DOJ criminal investigations, voluntary disclosure and more.
What Every Taxpayer in New Jersey Should Know About Foreign Bank Account Reporting
Do you file taxes in New Jersey? Are you the principle account holder or signature authority over an offshore account? If so, have you disclosed these accounts to the IRS and Department of Treasury?
If the aggregate total of your foreign accounts exceeds $10,000 at any point in a calendar year, you are required to report them. If not, the IRS may impose expensive fines in addition to the amount you would be required to pay in back taxes. But, that’s not all. You may also be prosecuted on civil and criminal charges of tax fraud or tax evasion.
Numerous taxpayers have failed to report offshore accounts inadvertently because they were not aware of the rules, did not fully understand the requirements for foreign bank account reporting or may even have missed the deadline. Luckily, there are several options for foreign account holders that can drastically reduce their tax liabilities, including the Offshore Voluntary Disclosure Program (OVDP).
At Thorn Law Group, our tax attorneys understand that coming into compliance with offshore account reporting laws is not as simple as filling out a form. Both the laws and the forms involved in disclosing foreign-held assets are complex and overwhelming. Anyone can easily overlook a section on these documents or misunderstand the rules when computing the total aggregate value of their accounts. Our firm takes the guesswork out of Foreign Bank Account Reporting (FBAR) by handling every state of the process for our clients.
Managing Partner Kevin E. Thorn served as an attorney for the IRS and the United States Tax Court. During this time, he gained invaluable knowledge into the practices and policies surrounding both domestic and international tax law, which he uses to his clients’ advantage. Whether you reside in New Jersey or abroad, our firm will work diligently to lower or complexly eliminate your IRS penalties.
Our firm offers skilled legal counsel for a range of complex tax law matters, including but not limited to:
- Foreign Account Tax Compliance Act (FATCA)
- Foreign Bank Account Reporting (FBAR)
- International Tax Controversies and Disputes
- IRS and DOJ Investigations and Litigation
- Offshore Voluntary Disclosure
- Undisclosed Foreign Accounts
Speak to a New Jersey IRS Lawyer Today
Thorn Law Group is dedicated to protecting taxpayer rights. Contact Managing Partner Kevin E. Thorn today to schedule a consultation and discuss the best options for your unique circumstances.